Hidden Creek Management pays out owner draws the last 2 business days of the month. This payout is for all money collected during that month. This is done to make sure that all funds collected are valid and to avoid cutting out multiple checks for individual owners in a single month.
There is NO fee for setting up direct deposit and we strongly encourage our owners to take advantage of this service. Direct deposit is much faster and more reliable than the US Mail. We also still offer a printed check that can be mailed directly to you for a small fee.
With your owner draw you will receive a printed copy of your cash flow statement that shows all activity on your account for the month. Other financial reports are available upon request.
By policy, we consult owners for any repairs over $250. If you wish us to consult at a lower level, please contact us and advise. Our property management software allows us to add notes that specify specific maintenance instructions. This can include spending limits and specific maintenance notes.
We keep a reserve amount in your account at all times. This amount is usually $200 per property but the per property amount decreases as you have more properties. This is done primarily for 2 reasons. The first is if an invoice comes in between us paying your owner draw and your tenants paying rent. The second is it gives us money to use to start the eviction process if necessary. This money is accounted for on your statements and is your money.
We do not schedule work to be done if there is no money in your account. If circumstances arise where you do not have a tenant in place or the cost of the work exceeds the incoming rent, you will be required to make an owner contribution before work is scheduled.
Night and weekend maintenance calls are handled through our voice mail system, which automatically calls our emergency contact person when a situation arises. We will dispatch contractors to address the issues if it is an immediate concern for the property or the tenant’s safety. You will be contacted and advised the next business day if the situation requires your attention.
We screen all perspective tenants using a subscription online reporting service that allows us to review their eviction history, criminal records, and credit ratings. Using this information, we apply strict and consistent measures to determine eligibility.
The majority of our leases are set with the rent due on the 1st and late after the 5th. We send late notices on the 6th. We file for eviction on the 16th. This is setup and driven automatically by our property management software and the consistency usually convinces the tenants to pay regularly.
...AND THE BIG ONE...
... How long will it take to rent my Property?
Each property is unique. It is often a simple economic function of supply, demand, and price. Our goal is to provide you with the information you need to help us position the property in the market to rent it as fast as possible.